PROFESSIONAL UPDATES: ****************************** CIT couldnt make revision when AO had accepted valuation of stock of securities on principles of AS-13 Section 145, read with section 263, of the Income-tax Act, 1961 - Method of accounting - Valuation of stock (AS-13) Where assessee had valued closing stock of securities on principle of cost or market price whichever is lower as mandated by AS-13 issued by ICAI, revisional order could not be passed on ground that Assessing Officer had accepted valuation of closing stock without enquiry and application of mind Where Assessing Officer allowed assessees claim of dividend income as exempt, without making any disallowance under section 14A, Commissioner was justified in passing a revisional order setting aside assessment order in question [2015] 53 taxmann 149 - ITAT HYDERABAD-Maruthi Securities Ltd. v. ACIT ************** Service-Tax : ************** Time-limit for filing appeal before Commissioner (A) is expressed in British calender month and not 30 days Section 85 of the Finance Act, 1994, read with section 9 of the General Clauses Act, 1897 - Appeals For appeal before Commissioner (Appeals), time-limit for filing appeal has been expressed in months whereunder month would mean British Calendar Month and cannot be construed 30 days Jurisdiction of Tribunal under section 86 includes discretionary jurisdiction to condone delay in filing appeal before Commissioner (Appeals) [2014] 52 taxmann 416-HIGH COURT OF ALLAHABAD -Commissioner of Customs & Central Excise, Allahabad v. Ashok Kumar Tiwari Interpretation of Statutes : Plain and Natural Meaning to be preferred Words and Phrases : Month as generally used *******************************
Posted on: Mon, 19 Jan 2015 03:45:14 +0000
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